The Employees’ Provident Fund (EPF) is a vital savings scheme for salaried employees in India, providing financial security post-retirement. The interest rate on EPF is determined annually by the government and is subject to tax implications if contributions exceed certain thresholds. For the financial year 2023-24, the EPF interest rate is set at 8.25%. This blog delves into the taxable...
Tax Deducted at Source (TDS) is a crucial compliance mechanism under the Income Tax Act, 1961. Section 194I specifically deals with the deduction of TDS on rent payments. In this blog, we will explore the provisions, applicability, limits, and rates under Section 194I, along with a real-life case study to illustrate the implications of not deducting TDS on rent.
Applicability and Rates under...
In a significant move aimed at ensuring fair compensation for workers across various industries, the Government of Maharashtra has recently announced revisions to the minimum wage rates. These Revisions, effective from 30th August 2024, apply to several key industries, including the film production sector, paper and cardboard manufacturing, and the manufacturing of silver articles,...
When it comes to income tax compliance, timely filing of returns and payment of advance tax are crucial. Sections 234A, 234B, and 234C of the Income Tax Act deal specifically with the interest levied on delayed filing of returns, delayed payment of advance tax, and deferment of advance tax, respectively. Understanding these sections is essential for taxpayers to avoid hefty interest charges....
As businesses progress through the fiscal year, September marks a critical period for ensuring adherence to various statutory compliance obligations. Keeping track of these deadlines is essential to avoid penalties, maintain legal compliance, and uphold the business’s reputation. This guide provides an in-depth overview of the key statutory compliance deadlines in September, focusing on...
07th
TDS
Payment for August 2024.
10th
GST
Return for authorities deducting tax at source – GSTR 7 for August 2024.
Details of supplies effected through the e-commerce operator and the amount of tax collected-GSTR 8 for August 2024.
11th
GST
Details of outward supplies of taxable goods and/or services effected – GSTR 1 for August 2024.
14th
GST
Invoice...
Presenting “Compliance Handbook” F.Y. 2024-25 A.Y. 2025-26!
This booklet aims to provide practical aid to the compliance challenges faced by professionals in practice and industry and summarizes all important provisions of various laws by using different charts, schedules, tables, and useful notes.
Features:
Income Tax
Companies Act
Limited Liability Partnership (LLP)
Service Tax
Excise...
The Hindu Undivided Family (HUF) is a unique entity under Indian tax laws, providing various tax benefits that can significantly aid in tax planning and savings. This blog delves into the tax implications of HUF, highlighting the relevant sections from the Income Tax Act and exploring various methods of tax planning.
Tax Benefits and Implications of HUF
HUFs are eligible for a range of tax...
HR software in Mumbai is a necessity for startups where companies tend to experience exponential growth. They include; recruitment, staff onboarding and remuneration, the system adopted helps eliminate these bottlenecks as the staff strength grows. This software consolidates all your information about the employees, thus easing the compliance...
